NEW YORK, June 04, 2024 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP:
- Do you, or did you, own shares of Altimmune, Inc. (NASDAQ: ALT)?
- Did you purchase your shares between December 1, 2023 and April 26, 2024, inclusive?
- Did you lose money in your investment in Altimmune, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Altimmune, Inc. (“Altimmune” or the “Company”) (NASDAQ: ALT) between December 1, 2023 and April 26, 2024, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the District of Maryland and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Altimmune securities, and/or would like to discuss your legal rights and options please visit Altimmune, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Altimmune is a clinical stage biopharmaceutical company that focuses on developing treatments for obesity and liver diseases. The Company’s lead product candidate is pemvidutide, a glucagon-like peptide-1 (“GLP-1”) agonist for the treatment of obesity and metabolic dysfunction-associated steatohepatitis (“MASH”). GLP-1 agonists are medications that help lower blood sugar levels and promote weight loss.
According to the Complaint, Defendants failed to disclose to investors that: (i) Altimmune overstated the potential for pemvidutide to stand out from competing GLP-1 agonists based on the drug’s efficacy and tolerability results observed in the MOMENTUM Trial; (ii) accordingly, the MOMENTUM Trial results were less significant to pemvidutide’s clinical, commercial, and competitive prospects than Defendants had led investors to believe; and (iii) as a result of all the foregoing, Defendants had overstated Altimmune’s prospects for finding a strategic partner to develop pemvidutide.
On February 13, 2024, Kerrisdale Capital published a report (the “Kerrisdale Report”) alleging that “a deeper examination of Altimmune’s data reveals a drug with little chance of competing against either the approved incumbents or the other GLP-1 agonists progressing through clinical trials.” In particular, the Kerrisdale Report found that “[e]ven if pemvidutide did result in 15.6% weight-loss, that’s not good enough” because competing, already approved GLP-1 agonists “semaglutide and tirzepatide (Ozempic and Mounjaro) have demonstrated superior weight-loss on a comparable basis, with the added benefit of controlling blood-sugar (which pemvidutide does not),” while noting that “pemvidutide’s tolerability is atrocious” compared to these same drugs. Accordingly, the Kerrisdale Report concluded that “[w]e don’t think legitimate prospective partners want to spend hundreds of millions of dollars and years of trials pursuing an obvious dead end.”
On this news, Altimmune’s stock price fell $1.94 per share, or 18.65%, to close at $8.46 per share on February 13, 2024.
Then, on April 29, 2024, Bloomberg published an article entitled “Altimmune Down as Guggenheim Sees Overhang in No Partnership,” reporting that “Guggenheim Securities downgraded [Altimmune’s] stock to neutral from buy saying [a] partnership for the biotech’s lead asset pemvidutide look[s] ‘increasingly unlikely.’”
On this news, Altimmune’s stock price fell $0.87 per share, or 11.98%, to close at $6.39 per share on April 29, 2024.
If you wish to serve as lead plaintiff, you must move the Court no later than July 5, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Altimmune securities, and/or would like to discuss your legal rights and options please visit Altimmune, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
